Summary of the weggchat®

Ms. Andrea Sreshta is co-founder of LuminAID, a company that makes portable, long-lasting, solar-powered lighting solutions. Among other notable achievements, LuminAID was featured on Season 6 of ABC’s Shark Tank and received offers from all five Sharks.

W = wegg®
A = Andrea Sreshta

W: Welcome Andrea Sreshta of @LuminAIDLab. We are looking forward to hearing your amazing story! 

A: Thank you for having me! Looking forward to chatting!

W: Tell us about yourself. What were you doing prior to LuminAID?

A: I was a student. First in architecture grad school – where LuminAID tech was invented – and then business school.

W: What motivated you to invent LuminAID tech – portable, long-lasting, solar-powered lighting solutions? 

A: LuminAID tech was designed in response to the 2010 earthquake in Haiti. We felt solar lights could help after dark.

W: What an entrepreneurial way to solve a problem! Is anyone else in your family an entrepreneur? 

A: Entrepreneur, no. But sales, yes, which has been a helpful perspective to have.

W: What was the first product you launched commercially at LuminAID? 

A. A solar inflatable light that packed flat like a rectangle and inflated to become a lantern. See here: bit.ly/32FyOuF

W: Did you know right away about getting a patent? If so, did you secure one domestically and internationally?

A: Not right away. We got advice from our school’s tech transfer office. We do have U.S. and international patents.

Question from @EscapeCorporate: How long did it take you to launch your first product?

A: We prototyped and experimented with designs for just under a year.

W: How did you field test the product to make sure it worked and that there was a demand for it? 

A:  We worked with a few charitable orgs in off-grid areas of the world to test out our lights and provide feedback.

W: Let’s jump to your Shark Tank television appearance. How did you get to appear on the program?

A: We applied through a contact form abc.com. And then producers got in touch!

W: Was that experience a game changer for the company?

A:  Yes definitely. Best commercial for LuminAID we could ever have wished for!

W: How has having Mark Cuban as an investor fueled your growth? 

A: Mark and team have been great, especially in helping us grow our digital e-commerce channels. They know their stuff!

W: I’m sure @mcuban is very proud of what you have accomplished! 

W: About digital e-commerce – how far along were you in your business growth when you set up e-commerce on your website? 

A:  Luminaid.com was the first thing we set up and also Amazon. But Mark and team helped us turbocharge both.

W: Do you use other e-commerce mechanisms besides your website and Amazon? 

A: We list on some other online retail sites like rei.com. But primarily luminaid.com and Amazon.

W: What key lesson in setting up e-commerce platforms did you learn that might be of help to the weggchat audience? 

A: With respect to ecommerce sites: change will be constant. Always be on the lookout for things + tools that can help your site grow.

W: In collecting payment from customers, are you dealing strictly in US dollars or do you accept all currencies for payment? 

A: USD through www.luminaid.com. We transact local on Amazon UK, EU, and AUS.

W: Where do you see your business five years from now? 

A: Hard to say since the last 5 years have been surprising in good ways! We want to keep working to help those in need.

W: Final question – what advice do you have for aspiring entrepreneurs?

A: Put one foot in front of the other and stay focused on next steps.

W: Thank you, Andrea Sreshta, for being our guest on weggchat and best wishes for continued success! You are a great example of how one idea can make a difference in millions of lives! 

A: Thank you for having me @weggtoday. Looking forward to following future weggchats!

W: Thank you to our sponsors @BankofAmerica @AssociatedBank @FedEx @Greensfelder @UnionPacific @apcoworldwide #globalcareclinicaltrials

This concludes our weggchat® – check womenentrepreneursgrowglobal.org from time to time for info on the next weggchat.